Muaz refutes graft Fenaka allegations
Muaz’s resignation comes at a critical juncture for Fenaka, a corporation responsible for essential utilities in the Maldives.
Muaz Mohamed Rasheed, the Managing Director of Fenaka Corporation, resigned from his position on Monday, asserting that his departure was not due to allegations of corruption but citing a lack of government cooperation in strengthening Fenaka's management as the primary reason for his resignation.
Pro-government social media accounts have circulated posts suggesting Muaz's resignation was prompted by corruption allegations. These posts accused him of illegal procurements, assigning jobs outside established rules, and engaging in wasteful spending without addressing the company’s mounting debts.
Muaz dismissed these claims outright, stating, “This is definitely false. The government does not make any allegations.”
He further hinted at unresolved issues, saying, “There are a million things to say if you have to,” implying that his resignation might reveal deeper, systemic problems within the government and its handling of state-owned enterprises.
Muaz submitted his resignation letter to President Mohamed Muizzu on Monday. In his letter, Muaz outlined the pressing challenges Fenaka faced, including:
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A backlog of unmaintained electricity, water, and sewerage services across islands.
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An inherited debt of MVR 4.3 billion.
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Overstaffing, with the company employing far more personnel than necessary.
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Insufficient cooperation from relevant agencies to restructure the company effectively.
Despite these challenges, Muaz emphasized that Fenaka’s revenue exceeded its expenses. However, he lamented the lack of support from stakeholders to implement plans for financial and operational recovery.
A particularly pressing issue highlighted in Muaz’s resignation letter was the delay in salary payments for October and November. According to him, this marked an unprecedented lapse in Fenaka’s history.
